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Russian court 'arrests' Sistema stakes in MTS, other companies
June 26, 2017 / 5:32 PM / 6 months ago

Russian court 'arrests' Sistema stakes in MTS, other companies

MOSCOW (Reuters) - Russian business conglomerate Sistema (SSAq.L) (AFKS.MM) said on Monday a court had “arrested” its stakes in a number of companies, including mobile operator MTS (MBT.N), as part of a legal dispute with oil major Rosneft (ROSN.MM).

Rosneft is suing Sistema for 170.6 billion roubles ($2.85 billion) in damages over the purchase of oil producer Bashneft (BANE.MM).

Sistema said a court had “arrested” 31.76 percent of the shares it held in MTS, Russia’s biggest mobile operator, as well as a 100 percent stake in its Medsi chain of medical clinics and 90.47 percent of power grid company BPGC.

“Contrary to the court order, the bailiffs imposed extra restrictive measures which, in addition to the arrest of shares, limit the rights of Sistema ... to receive any income on the arrested shares,” Sistema said in a statement.

“Sistema disputes the claim and considers the demands of the claimants to be unlawful and unfounded.”

Reporting by Jack Stubbs; Editing by Jane Merriman

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